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If you’re enrolled in a high deductible health insurance plan a Health Savings Account (HSAs) will allow you to save toward future medical expenses tax-free. Expenses include:

  • Doctor’s office visits
  • Prescriptions
  • Vision expenses
  • Dental expenses
  • Long-term care insurance

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What are the Advantages of a Health Savings Account?

  1. You Own It
    The money in your HSA is yours forever. No “spend it or lose it” requirements.
  2. Convenient Access
    1st Financial’s HSAs include a free, dedicated debit card, and easy 24/7/365 access to your account through 1st Financial’s Online Banking portal, or our free mobile banking app.
  3. Tax Advantages
    1. You put money in tax-free. If you are an employee whose employer’s works with an HSA provider, this will be taken out as a pre-tax deduction every paycheck. If you are an individual, you fund the account with your post-tax dollars and at the end of the year, you will get a tax form showing the total amount of contributions that you can deduct from your taxes.
    2. You can earn interest on your money or even invest it. Any gains you make are tax-free.
    3. You can withdraw your money at any point tax-free, so long as it is used for qualified medical expenses. Find out more about qualified medical expenses.  

FAQ | Commonly asked questions about HSAs

The HSA account holder must satisfy four requirements:

  1. Be covered by a High Deductible Health Plan (HDHP)
  2. Not be covered by another type of insurance (unless it’s a dental or vision plan; or another qualified HDHP)
  3. Not be enrolled in Medicare
  4. Not be claimed as a dependent on another person’s tax return.

Yes, but the funds will be subject to income tax and a 20% IRS penalty (Penalty does not apply after age 65).

  • Payroll deduction (if offered by your employer)
  • Electronic transfer (from your checking or other savings account using online banking)
  • In branch deposits into your HSA account

1st Financial provides you with several ways to access your funds to pay for medical expenses:

  • An HSA Visa debit card
  • Online banking
  • Stop into any 1st Financial branch to withdraw cash
  • $3,500 single coverage
  • $7,000 family coverage
  • Individuals age 55 and older are permitted to make an additional $1,000 “catch-up” contribution

Yes, HSA owners may move their HSA assets to another financial organization, even if the contributions were made by their employers.

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